Kuwait Investment Authority gets new managing director

Kuwait Investment Authority gets new managing director
The KIA building (Picture source: www.kia.gov.kw)
Published: 20 February 2017 - 11:40 a.m.
By: Reuters

Kuwait Investment Authority (KIA) has appointed Farouk Bastaki as managing director to replace Bader Mohammed al-Saad, newspaper al-Rai reported on Monday, quoting unnamed sources.

The KIA is one of the world's biggest sovereign funds with assets estimated at $592 billion, according to the Sovereign Wealth Fund Institute.

Its investments include a 6.85 percent stake in Daimler, Thomson Reuters data shows.

Bastaki will take up his new post by April as part of a board reshuffle at the KIA, the report said.

Bastaki is currently the KIA's executive director for alternative investments

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